PhonePe Pte.Ltd., India's leading digital payments platform announced the acquisition of OSLabs, a mobile platform that enables content and app discovery for users and app developers.
PhonePe, AGPL Pte. Ltd. and OSLabs Pte. Ltd. have reached an amicable settlement in the matter, with PhonePe acquiring AGPL's entire stake at a premium.
The closure of this deal allows PhonePe to pursue its stated vision of building a homegrown horizontal, local Appstore, while AGPL gets a premium on its original investment.
Commenting on the acquisition Sameer Nigam, Founder and CEO PhonePe said: "We are very excited to embark on this journey with OSLabs, and build just the kind of the localised App store that India needs."
Mei Theng Leong, Director of AGPL added: "We are happy that the matter has been amicably settled for all the entities. We wish PhonePe team the very best for its stated vision of building a homegrown horizontal, local Appstore."
A PhonePe was founded in December 2015, and has emerged as India's largest payments app, enabling digital inclusion for consumers and merchants alike.
With over 390 million registered users, one in four Indians are now on PhonePe.
The company said it has also successfully digitised over 30 million offline merchants spread across India.